NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MR DAVID R MACOUN
TARRAGINDI QLD 4121
I, Alison Lendon, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have made a decision to disqualify you from being, or acting as:
a trustee, investment manager or custodian of a superannuation entity
a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity.
I have disqualified you under subsection 126A(2) of the SISA as I am satisfied that you have contravened the SISA on one or more occasions and the nature, number and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 8 January 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Gerard Carney
Note 1:
In accordance with subsection 126A(7) of the SIS Act, particulars of this disqualification notice will be published in the Gazette.
Note 2:
In accordance with subsection 126A(5) of the SIS Act, we may revoke this disqualification order on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SIS Act, if you are a person who is affected by this decision and you are dissatisfied with it, you may ask the Commissioner to reconsider this decision. Such a request must be made in writing within 21 days of the day on which you received notice of the decision and must also give the reasons for making the request.
Overview
The Superannuation Industry (Supervision) Act 1993 was enacted by the Commonwealth Parliament to establish a regulatory framework for the supervision of the superannuation industry. The Act aims to ensure that superannuation funds are managed in the best interests of fund members, addressing a gap in the oversight of the superannuation sector and aiming to protect fund beneficiaries. Under this Act, the Commissioner of Taxation is empowered to disqualify individuals from performing certain roles within the superannuation industry, such as acting as a trustee, investment manager, or custodian of a superannuation entity, if they are found to have contravened the Act. This disqualification serves as a deterrent against misconduct and aims to maintain the integrity and stability of the superannuation system. The Act also provides mechanisms for reviewing and potentially revoking disqualification orders, as well as avenues for reconsideration of the Commissioner’s decisions.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and oversight of superannuation funds within Australia. Specifically, it targets those who act as trustees, investment managers, or custodians of superannuation entities, as well as responsible officers of corporate bodies performing these roles. The legislation is applicable on a national level, regulating conduct across all states and territories within Australia. The scope of the Act includes any person or entity engaged in activities related to the management or oversight of superannuation funds, ensuring compliance with the regulatory framework designed to protect the interests of superannuation fund members. The Act may extend or restrict its application through subordinate instruments, providing flexibility in enforcement and regulation. However, the primary exclusions or exemptions are not explicitly detailed in this notice, leaving it to the interpretation and application of the broader legislative and regulatory context.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains various provisions that govern the operation of superannuation entities and the conduct of individuals and entities involved in their management. Specifically, subsection 126A(6) mandates that a delegate of the Commissioner of Taxation must give a person written notice if they have been disqualified from certain roles, such as being a trustee, investment manager, custodian, or responsible officer of a superannuation entity. In this case, Mr. David R Macounta from Ragindingi, Queensland, has been disqualified from these roles under subsection 126A(2) of the SISA due to contraventions of the Act.
The Act imposes significant obligations on the parties it governs. Trustees, investment managers, custodians, and responsible officers of superannuation entities must adhere to the various regulatory requirements outlined in the SISA. These requirements include maintaining proper records, ensuring the prudent management of funds, and complying with reporting obligations to the Australian Taxation Office. Failure to comply with these obligations can result in disciplinary action, including disqualification.
The SISA also establishes specific offences and penalties for breaches of its provisions. For example, subsection 126A(2) allows for disqualification from managing superannuation entities if there are grounds for such action. The notice of disqualification takes effect immediately, as stated in the document. Additionally, the SISA includes provisions for the revocation of disqualification orders under subsection 126A(5), and the Commissioner can reconsider the decision if a written request is made within 21 days of receiving the notice, as per section 344 of the Act. Failure to comply with the SISA can result in both civil and criminal consequences, with penalties varying depending on the nature and severity of the breach. The maximum penalties for certain offences under the SISA can be significant, underscoring the importance of strict compliance with the Act’s requirements.